“That’s as dumb as claiming it’s not manipulated […] If you’re going to argue against it [Bitcoin] use better arguments & legal theories. “
Tweet by Palley says:
Bitcoin is “literally” not a Ponzi scheme. Ponzis are an investment fraud where fraudsters pay old investors w/ new investor $$, unknown to either. Also, $25 million a day in investor cash “literally” does not go to miners.
Maybe dumb for you to spend $$ on, but not a Ponzi. https://t.co/H9aM80KnKA
— Palley (@stephendpalley) December 28, 2020
Although some people thought Bitcoin was “heavily manipulated,” Palley further said that it still does not follow the “definition” of a Ponzi scheme and argued:
Also operating (hypothetically) on the premise that the price of Bitcoin is simply manipulated, Palley believed that there were many other goods whose prices were manipulated and manipulated said:
Hell, we have an entire statute devoted to Onions in the US, just for this reason.
The lawyer recently went to Twitter to check the case against Ripple by the SEC. Calling the complaint brutal for a “non-fraud” scenario, he found that the delivery of XRP was obviously centralised and said:
Ohhhh, they also got legal advice that it was probably a securities offering (and thus need to be registered). Curious to know how that memo came into the hands of the SEC. That’s an ouch…
This was all pretty damn centralized, distribution-wise, in the SEC’s eyes, netting Ripple and its execs more than $700 million in profit.
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